In Nicole Flotteron’s article about gun control, she
believes that the recent growth in the firearm industry could be coming to an
end as more articles of legislation come into act. According to Mike Bazinet,
public affairs director at the National Shooting Sports Foundation, “if there
were a federal ban on modern sporting rifles, which are mislabeled ‘assault
weapons,’ it would mean a ban on the most popular semi-automatic rifle in the
US”, which accounts for a significant portion of sales across the United States.
He was referring to state level laws that classify some sporting and hunting
rifles as assault weapons.
While some states are worrisome over new laws that are being
proposed, others like Texas are seeing opportunity. Recently, “Texas Gov. Rick
Perry sent a letter to over 20 gun companies inviting them to relocate their
manufacturing operations to Texas”. Governor Rick Perry is attempting to raise
his states portion of the $5.1 billion in federal taxes that were generated by
the firearm business in 2012.
Another interesting topic that was discussed was the limited
relationship between gun sales and stock prices. Gun sales have shown strong
increases during times of heavy discussion on gun control, however, there has
been limited correlation with stock prices. Smith & Wesson, one of the largest
firearm manufacturers valuation dropped nearly $30 million after the Sandy Hook
shootings due to individuals fear over increased government regulation. Even
with a substantial drop in stock prices, Smith & Wesson is having
difficulties keeping up with the demand for new firearms.
Companies like Smith & Wesson, Glock, and Ruger don’t
just make firearms, they also attribute an estimated $33.6 billion in economic
activity which also includes 220,000 skilled workers in the industry. Mike Bazinet
also went on to say that “In manufacturing, there is a ripple effect on economic
activity. Legislators should stop and look at it that way”. Joseph Bartozzi,
CEO of shotgun and rifle manufacturer Mossberg & Sons believes that there
are other ways to prevent gun violence without the loss of jobs for Americans.
He doesn’t go into much detail as to the how, but he does hint that there are
other ways to prevent gun violence that do not include the banning of firearms.
As I wrote about last week, California and several other states have made proposals to ban hunting rifles by labeling them as “automatic weapons”. This would essentially eliminate an entire type of gun, which are popular hunting weapons. While this might have a serious economic impact on the gun manufacturers and distributors, is there really a price to be put on life? Perhaps these laws will make a serious impact in preventing crazy people from getting their hands on guns, and going on rampages. Perhaps these laws will make the world a safer place for us all.
ReplyDeleteThese laws are going to make it harder for law abiding citizens to purchase firearms, which are going to directly affect sales across the firearm business as a whole. There is no doubt that we need to prevent "crazy" people from receiving firearms. I felt that the article was arguing that we need to look at gun control from all angels, including the economic impact on the firearm business.
DeleteThis comment has been removed by the author.
ReplyDeleteWhile I agree with Danny on there being no amount of money that can supersede life, I found the article really interesting as I had no idea the firearm industry was generating that much revenue. On a larger note, I am curious as to why the gun control debate in politics mostly deals with our second amendment rights and liberty. Seems like a no-brainer to focus on job creation. The firearm industry gives the U.S economy more than $33 billion in revenue and according to the National Shooting Sports Foundation, accounts for about 220,000 jobs. That number is actually double that of General Motors, which Obama once called a “pillar of our economy.”
ReplyDeletehttp://www.theblaze.com/stories/2013/03/26/nr-draft-how-important-are-guns-to-the-u-s-economy-for-starters-the-firearms-industry-employs-twice-as-many-americans-as-bailed-out-gm/